Azure invests USD 13m in Indian PV maker, secures solar panel supply
Azure Power Solar PV Plant (Photo: Business Wire)
Indian renewable power producer Azure Power Global Ltd (NYSE:AZRE) will invest INR 1 billion (USD 12.8m/EUR 12.3m) in local photovoltaics (PV) maker Premier Energies Group under a new partnership that also includes a module supply deal.
Azure said in a statement it has subscribed for INR 455 million worth of equity shares and compulsorily convertible debentures issued by Premier Energies Investment Pvt Ltd (PEIPL) to secure a 26% interest in the latter. In addition, Azure will subscribe to INR 545 million worth of optionally convertible debentures issued by Premier Energy Ltd (PEL).
Premier Energies, meanwhile, has agreed to supply up to 600 MW of solar modules per year to Azure over the next four years.
As part of its expansion plans, PEIPL is building a 1-GW cell and module production facility in India. The government of the Indian state of Telangana has allotted 20 acres of land in E-City for this expansion plan, according to Sri Kalvakuntla Taraka Rama Rao, the state’s Minister for Municipal Administration & Urban Development, Industries & Commerce, and Information Technology.